Cigar shaped object seen in Toronto, showed great speed , and ability to hover

I live in Toronoto. My apartment faces the lake looking into Hamilton. At about 2:00 pm, I was going for a smoke out on the balcony. I heard the people from the apartment above comment on something in the sky, it took me a minute to spot it myself. The object was over Lake Ontario. at first it looked like a ball of haze with a dark nucleus in the center. I whent to get the binoculars, I came back to see in better deatil, but it had move maybe 2 kilometers across the lake to the right. When I cought to the object with the binoculars, I could rule out anything that I've seen in the sky before. I watched it for about a minute, I guess it could have been a disc, but to me it look more like a pen. It had a shiny silver top and a black bottom. I watched for another couple minutes, it didn't move. Then finnaly, it slowly started into the clouds and disappeared, and I never saw it again.